Railway Pension Investments Ltd has significantly reduced its stake in JPMorgan Chase & Co. (NYSE:JPM) by 45.2% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC), it now holds 81,164 shares of the financial services giant after selling 66,900 shares in that quarter. The value of Railway Pension Investments Ltd’s holdings in JPMorgan Chase stood at approximately $23.53 million as of the filing.
Other institutional investors also adjusted their positions in JPMorgan Chase. For instance, Mosaic Financial Group LLC increased its holdings by 0.8% in the first quarter, now owning 9,296 shares valued at $2.28 million. Similarly, Creative Planning raised its stake by 2.2% during the second quarter, resulting in a total of 1,364,887 shares worth about $395.70 million after acquiring an additional 29,844 shares.
Aviva PLC also boosted its holdings by 6.0% in the same period, bringing its total to 2,232,458 shares valued at $647.21 million, following the purchase of 126,742 shares. Other noteworthy adjustments include Kelman Lazarov Inc., which increased its stake by 16.9%, and Gladwyn Financial Advisors Inc., which made its first investment in JPMorgan Chase worth approximately $534,000. Overall, institutional investors and hedge funds now control 71.55% of the company’s stock.
Analysts Predict Growth for JPMorgan Chase
Research analysts have also been actively assessing JPMorgan Chase’s stock. On October 8, Daiwa Capital Markets raised its price target from $330.00 to $332.00, assigning an “outperform” rating. Meanwhile, Deutsche Bank Aktiengesellschaft increased its target from $300.00 to $320.00, maintaining a “hold” rating.
Other analysts have echoed this sentiment, with Truist Financial adjusting its target to $319.00 and TD Cowen raising it to $370.00, both retaining “hold” and “buy” ratings, respectively. Currently, the consensus rating for JPMorgan Chase is “hold,” with a target average price of $326.38.
On the trading front, JPMorgan Chase shares experienced a modest increase of 1.2%, opening at $315.98 on Friday. The company boasts a market capitalization of $860.18 billion, a price-to-earnings ratio of 15.65, and a price-to-earnings-growth ratio of 1.62. Over the past year, the stock has fluctuated between a low of $202.16 and a high of $322.25.
Recent Earnings and Dividend Announcement
JPMorgan Chase announced its latest earnings results on October 14, reporting earnings per share (EPS) of $5.07 for the quarter, surpassing analysts’ expectations of $4.83 by $0.24. The company achieved a net margin of 20.90% and a return on equity of 17.18%, with quarterly revenue reaching $47.12 billion — significantly exceeding the forecast of $44.42 billion.
For the current fiscal year, analysts predict that JPMorgan Chase will post an EPS of 18.1. In addition to its strong financial performance, the company has also announced an increase in its quarterly dividend to $1.50, up from the previous $1.40. The annualized dividend now stands at $6.00, yielding 1.9% for shareholders.
Insider trading activity has also been notable, with insider Robin Leopold selling 966 shares of JPMorgan Chase on November 7 at an average price of $311.92, totaling approximately $301,314.72. Following the transaction, Leopold retains 58,479 shares valued at around $18.24 million. Company insiders currently hold 0.47% of the firm’s stock.
About JPMorgan Chase & Co.
Founded as a financial holding company, JPMorgan Chase & Co. specializes in a range of financial services, including investment banking, consumer and small business banking, commercial banking, and asset management. The company operates through various segments, including Consumer and Community Banking (CCB), Commercial and Investment Banking (CIB), Asset and Wealth Management (AWM), and Corporate.
As the financial landscape continues to evolve, JPMorgan Chase remains a key player, attracting attention from both institutional investors and analysts alike.
